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Significance of Computerized Accounting System

Significance of Computerized Accounting System

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Published by: Ravi Kumar on Apr 18, 2011
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Significance of Computerized Accounting System

Archana. C

The Accounting System ‡ Accounting is the method in which financial information is gathered. An accounting system can be represented by the following graphic. and summarized into financial statements and reports. . processed.

‡ Information processes include: ± Recording ± Maintaining ± Reporting .Cont ‡ The purpose of accounting is to provide information used in decision making. Accounting may be viewed as a system (a process) that converts data into useful information.

Powerful. Simple and Integrated Complete Visibility Enhanced User Experience Accuracy. Speed Scalability Power For Improved Business Performance Quick Decision Making Complete Reliability .Salient Features of Computerized accounting ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ Fast.

purchase. up-to-date business information is literally at the fingertips. . Powerful. Simple and Integrated ‡ Computerized accounting is designed to automate and integrate all the business operations. ‡ The Computerized accounting combine with enhanced MIS. Multi-lingual and Data organization capabilities to help the company simplify all the business processes easily and cost-effectively.Fast. ‡ With Computerized accounting. accurate. inventory and manufacturing. such as sales. finance.

Complete Visibility ‡ Computerized accountings giving the company sufficient time to plan. and enhance customer satisfaction. . ‡ With Computerized accounting the company will have greater visibility into the day-to-day business operations and access to vital information. increase the customer base.

. ‡ Adapting to the specific business needs is possible.Enhanced User Experience ‡ Computerized accounting allows the company to enter data in a variety of ways which makes work a pleasure.

at the press of a button. accurate data entry of the transactions. ‡ Thereafter all documents and reports can be generated automatically.Accuracy. Speed ‡ Computerized accounting has User-definable templates which provides fast. .

irrespective of its size or style. .Scalability ‡ Computerized accounting adapts to the current and future needs of the business.

.Power ‡ Computerized accounting has the ability to handle huge volumes of transactions without compromising on speed or efficiency.

. reporting and statutory processes. inventory. and takes quicker decisions. ‡ Computerized accounting also guarantees real-time optimization of operations and enhanced communication.For Improved Business Performance ‡ Computerized accounting is a highly integrated application that transforms the business processes with its performance enhancing features which encompass accounting. ‡ This helps the company access information faster.

comprehensive MIS reports and ensures access to complete and critical information. . instantly.Quick Decision Making ‡ Generates real-time.

. controlled and safe from data corruption.Complete Reliability ‡ Computerized accounting makes sure that the critical financial information is accurate.

.Advantages of Computerized accounting ‡ ‡ ‡ ‡ ‡ Automation of tedious clerical jobs Speed and accuracy Low cost of packages Automatic generation of standard reports Redundant data storage permits efficient generations of some reports ‡ Increase revenue while lowering operating costs and enhancing competitive advantage of the company.

Disadvantages of Computerized accounting ‡ Transactions orientation only ‡ Periodic not real time reporting ‡ Limited flexibility for ad hoc reports .

Thank You .

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